Daily Forex Fundamentals – February 9, 2012

What’s on the Economic Horizon

China’s annualized CPI hits 4.5% in January
MPC expected to raise asset purchases by 50 billion GBP
ECB to keep its rates at 1.00%?

U.S. Dollar (USD)

Looks like the dollar bulls finally woke up on the right side of the bed! With the lack of economic report in the U.S., traders focused on their worries over a Greek debt deal being reached. This is probably why EUR/USD only rose by a mere 5 pips while GBP/USD dropped by 82 pips to 1.5819. Read more…

Euro (EUR)

Wow, talk about some consolidation going on! The euro barely budged against the U.S dollar yesterday as EUR/USD was stuck around the 1.3250 area. Meanwhile, EUR/JPY was able to edge a bit higher as it closed 35 pips up from its 101.75 open price. Read more…

British Pound (GBP)

The pound was unable to hold its ground against the dollar yesterday and fell from its 3-month high . The GBP/USD pair ended the U.S. trading session at 1.5819, a good 82 pips lower from its opening price. A look at the pair’s daily chart would show that yesterday’s candle was a bearish engulfing one, hinting that the uptrend could soon reverse. Read more…

Japanese Yen (JPY)

Thanks to mixed economic reports from Japan and the investors’ appetite for the Greenback, the yen slipped back against its counterparts. USD/JPY ended up rising by 23 pips to 77.02, while EUR/JPY also went up by 34 pips to 102.10. Read more…

Canadian Dollar (CAD)

With no economic data on Canada’s schedule, the Loonie simply moved sideways against the U.S. dollar yesterday. USD/CAD opened at .9948, reached a high of .9991, then closed at .9961. Will it be able to find a clearer direction today Read more…

Australian Dollar (AUD)

Unlike its major comdoll buddies, the Aussie managed to contain its losses against the Greenback despite the risk aversion that settled in markets. AUD/USD reached an 11-month high at 1.0845 before settling 1.0792, 8 pips lower than its open price Read more…

New Zealand Dollar (NZD)

That was quite a wild ride! After trading quietly during the entire Asian and morning European trading session, NZD/USD burst into life once the U.S. session started. It had rallied strongly at first to test the .8400 major psychological level only to fall quickly after and return to where it began that day. Overall, the pair found itself only 8 pips lower. Read more…

Swiss Franc (CHF)

Boooooooooooooring! Due to the lack of market moving events in Switzerland yesterday, the Swissy produced hardly any volatility yesterday. It simply traded within an extremely tight 50-pip range against both the euro and the dollar. Read more…

Batman and Robin, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!